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Prenuptial agreements are not just for the rich

Texas is a community property state and while on one hand that can make property division during a divorce seem simpler, it is not always the case. A prenuptial agreement is still a very useful document and is no longer really considered something just for the wealthy, as it has been in the past. Any couple and other family members can benefit from such an agreement.

Such is the advice in a recent news article. Leveraging the current situation for Bruce and Kris Jenner as an example, the author suggests that when entering a marriage, couples should spend the time to set up agreements regarding disclosure of assets and how those would be dispersed not just in the face of a divorce but also when one spouse dies.

The greater instance of people marrying later in life, including with children from prior marriages, enhances the importance of a prenuptial agreement. It can be a valuable way to protect rights of spouses and children while clearly identifying what is separate and what is marital property. For people that own or have an interest in a business, real estate or other assets prior to a marriage, this can be most useful. The article also encourages such discussions as a means of ensuring better communication, which is important in a marriage.

No matter the value of your assets, it can be well worth your time and interest to discuss a prenuptial agreement with your future spouse and an attorney to learn how it could prevent unnecessary hardships down the road.

Source: New York Daily News, “Learn from the Kardashians’ mistakes: time to brush up on prenups,” Phyllis Furman, October 14, 2013

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